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boostassad. -- for opponents of assad. >> and germany's would ballclubs get tough on security, but will the fans stay away -- and germany's football clubs get tough on security, but will the fans stay away? but it has been a dramatic day for one of the world's biggest banks. after deutsche bank's headquarters were raided by hundreds of police, now it's co- ceo is in the spotlight. >> deutsche bank says that jurgen fitschen has been drawn into the probe. he and the company's chief financial officer are being investigated for signing questionable tax declarations. >> it is a blow for fitschen, who only took the helm this june. >> it was a rude awakening for deutsche bank employees as more than 20 police vans pulled up at their headquarters in frankfurt on wednesday morning. hundreds of police officers raided the building, confiscated documents, and arrested five bankers in a money-laundering scandal that is estimated to have crossed germany hundreds of millions in lost taxes. >> we are investigating 25 individuals on suspicion of serious tax evasion, obstruction of justice, and
a class action suit against germany in a court in the western city of bonn. >> those claims are related to an air strike ordered by a german officer in northern afghanistan in 2009, which killed 90 civilians. germany had given some compensation to the victims' families without admitting responsibility. >> lawyers representing survivors of the air strike are demanding higher compensation -- more than 3 million euros in total. they complain the settlements arrived at immediately following the attack were too small. as far as the german government is concerned, the case is closed. >> 5000 u.s. dollars was paid in over 90 instances. this money was transferred to an account in afghanistan. the account was specifically designed to compensate these families. >> on september 4, 2009, a u.s. f-15 fighter jets bombed two fuel tankers, killing more than 90 civilians. a german officer called in the air strike based on faulty intelligence. the political repercussions were extensive. the german defense minister at the time was forced to step down for his handling of the affair. >> coming up later in
germany. one of the images germany has natural boundaries to the north and south with the alps and further burden the east and the west is flat plains, so germany had a war over the century with germany or france or that area and poland and because germany was a continental power sandwiched between the maritime europe on one hand and the heartland towards the other it was always problematic which we it would go and how it would develop. i can across this book by accident in early 1989. the berlin fall with -- berlin wall would fall but november. it had occurred to me after reading this book and other books that the berlin wall or the dividing line between eastern and western germany was one. creation of german history that would reinvested soften different territory always in the future so today we have a united germany that trades immensely with poland and has had a wretch most wall -- to approach what and where the european union and the nato or meant to keep russia out and the germans down now they are triumphant economically. germany may not have the solution to every economic problem
. >> germany's economic performance has been strong, but its future is intricately tied to the future of the euro zone. that will create significant dangers for the chancellor, angela merkel. nick spicer reports from berlin. >> let us gaze and peer as best we can into the crystal ball of angela merkel's year ahead. as the euro crisis swarlede -- about her, she emerged as perhaps the world's most powerful woman and certainly germany's most popular politician. but 2013 could well be a year of living dangerously for her. they rallied the troops in september. >> we've kept our promise. through our leadership, germany has emerged stronger from the euro crisis than when it entered it. >> merkel repeated, mantra-like, her tough stance on bailouts and the need for belt tightening. but the problem is that even coming in fishs in the elections won't be enough. >> she has a very unstable combination, and in the german political system it's impossible to just dominate everything with one party so she needs a coalition partner and her current one which she would consider to be her favorite coalit
. >> absolutely. the message is also very clear. we are here because we follow policies dictated by germany. therefore, italy should come out of the straight jacket. this is the message that berlusconi is sending to italians and actually, i think, it's a message that he will use for our campaigns. >> how much support will he get if he's at 15% right now in the polls 12347. >> my concern is that he could actually create some allians with other -- with the populist leaders. there is a lot of discontent and it's quite easy to capture the discontent. it would provide a majority for ruining the country, for governing the country, but it will not enough to destabilize the debate. they say the p.w. trust say that 30% now say the euro has been a good thing in italy. i don't know whether you back that sort of trust. >> oolt r it's how you present it. there is a clear fact that going down economically for a long time. it hasn't had good growth in more than a decade. so more now are in the face in malaise. at the moment, we don't see that. >> what do you take for investors? >> we've already had issues
markets incidentally, too. bond markets, the fixed income markets, here we're seeing buying in germany at the moment and 10-year german bund around 3%. a little bit of buying into the gild as well as some of the safe haven trades back on. we have this italian bond auction. the first one is going to be settled in 2013 and the last one in this year, as well. it's thought that it is going to see solid demand given that it hasn't gotten any trouble getting off the ground as of late with those bond auctions, as well. a quick wrap on the forex market. here you're looking at selling in the euro/dollar right now. 1.3190. we're flirting with the high level of this trading range that we've been stuck in. dollar/yen, it's thought when this new japanese government coming into place, they're simulating the economy and to make sure a weaker yen is in place, as well. kelly. >> louisa, thanks. we're keeping an eye on gold today. could the precious metal be losing its luster come 2013? we'll find out why kuts has decided to cut exposure to the precious metal for the first time. >>> hello, everybody. we
to get the latest results from germany's survey any second now. in the meantime, i can can bring you news. for example, on industrial orders and sales in italy, orders flat on the month, down .2 on the month for sales and down nearly 5% on the year. so confirming some of the weakness that we know we've seen previously in the italian economy. meanwhile, another gauge perhaps for the euro as we look to the strength of it lately. that's the current counselor plus which in october was an adjusted 3.9 billion euros, up quite a bit from the 2.5 billion reported for september. now that also comes after -- a day after the european union's report suggesting that in fact the european union would have to run a surplus, given its poor demographics over the next couple of years. now let's get a quick preview of the news. for that we head to patricia, awaiting the results. what do we expect to see? >> reporter: we're expecting the second consecutive month to the upside for the business sentiment next year in germany. november was a surprise after six months to the downside. we expect december to book i
are as different as germany and greece. what is it that keeps the united states together? you had a great expression in the 1930 -- you had a great depression here in the 1930's. things were awful. and yet, i do not believe there were any political movements to get rid of the deficit states from the united states, like there are in europe and portugal and spain and everywhere else that happens to be in deficit. the reason is, the federal- state, especially after 1929 plays the role of the regulator of surplus and deficit recycling around the land. let me give you a simple example. we are in seattle. boeing is sponsoring the lectures. when boeing goes to washington to give a contract for the next generation jet or whatever, they may get it. they do get it. but there are some things attached. like for instance, we want a factory that builds the wings are the engines in tennessee or missouri or arizona. in the deficit regions. this is not philanthropy. this is an act of recycling surplus so the surpluses of the surplus state can continue to be created, produced. you may recall that in the 1
. an agreement still seems pretty elusive at this moment. germany and french finance ministers have very different views about oversight of banks. and in britain, the chancellor george osbourne delivers his statement to parliament today. will be out in westminster soon. steve is out to give us more detailed analysis of what to expect. let's just go back to the eurozone. as you say, thin advances here. are we capping -- it's up against the yen as well. there's obviously been a big yen story. >> yeah, i think the euro/yen has had perhaps more to do with eu euro/dollar than anything else. the euro crosses in general have been story rather than euro/dollar and euro/yen at the forefront. i think the euro/yen forecast is overplayed in what japan will ultimately deliver on. but mum is pretty good. i think you still play for a little yen weakness. i think we'll see a lot of people trying to buy yen back because i don't think we'll get delivery in all these preelection promises. >> do we all think we know what the chancellor is going to say? >> judging by the many pages being given to it in the n
won't do particularly well, but germany and italy maybe next year have a potential surprise on the upside. >> how much of a surprise? >> it will not be a fast recovery. the ecb will be forced to do more, but they'll be drald dragged into it. so things will have to get worse before they act. so i don't really think -- >> what more actions? they have a t program waiting to go. what more actions are you talking about? >> the key policy rate for the ecb is likely indeed in the first quarter. they can take dpopt deposit rate negative. by the middle of next year, they'll be doing outright qe. i've been talking about this for ages. they haven't done it so maybe they won't do it. but i'm assuming that the outlook for inflation for the eurozone is -- >> how are they going to get around -- look, i know the bundes bank has a fear of hyper inflation. i just don't -- are they going to get around all the -- because even if they do it on the inflation mandate, are they going to get around the objections about outright money printing? germans would see it as that. >> they would see it as ou
year to my family and friend back home, tops my wife and daughter in germany. i miss you, love you and will see you soon.it comes we understand. milies fa, at usaa, we know military life is different. we've been there. that's why every bit of financial advice we offer is geared specifically to current and former military members and their families. [ laughs ] dad! dad! [ applause ] ♪ [ male announcer ] life brings obstacles. usaa brings advice. call or visit us online. we're ready to help. but with advair, i'm breathing better. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher chance of pneumonia. advair may increase your risk of osteoporosis and some eye problems. tell your doctor if you have a heart c
catholicism and culminating in the horrors of nazism which implicated not only germany but many other nations as well. europe and the u.s. until recently liked to think these dark times were in the past and religious violence was somewhere else, in societies more allegedly primitive, less characterized by heritage of christian values. today we have many reasons to doubt that. our situation calls urgently for critical self examination as we try to uncover the roots of ugly fears and suspicions that currently disfigure all western democracies. in april of 2011 a lot affect in france according to which it is illegal to cover the face in any public space from march to marketplaces to shops, although the law does not mention the word women, muslim, bertha or bail it was introduced by president nicolas sarkozy and a ban on muslim veiling which according to him imprisons women and threatens french values of dignity and equality. the new law makes illegal the barca but france is the first country to enact a full ban on the burke that in public space similar restrictions of being considered all over e
and france called for an enter introduction of a unified oversight while germany urged a gradual implementation. ministers also couldn't agree on how much supervisory authority to give the european central bank. they decided to meet again next week for further discussions. eu, economic, and monthly tear affairs commissioner said consolidation of oversight will be the first step towards a banking union. it will include a framework for bailing out nations with excess debts. he said failure is not an option. last month eu leaders agreed to allow the region central bank to supervise some 6,000 commercial banks in the eurozone. the goal is so set up a framework by the end of the year and launch the new system next year. now let's get a check on markets. tokyo share prices are trading in a narrow range. the nikkei is down 1/4 of a percent at 9,409, a loss of 24 points from tuesday's close. they're sidelining after taking profits if recent gainers at the open. they're refraining from major moves to confirm the next steps in the u.s. budget talks. the obama administration and opposition
for germany, which is a positive and will be a good gain forward. but say order box, very weak. demand, very weak. business confidence very weak and this is going to be hitting activity indicators going forward. >> even though the manufacturing side of it disappointed, the services was stronger. while services is a big part of the economy, it's where we're trying to see the rebalancing in the german economy happen. from that point of view, probably a rather encouraging development. >> it is interesting. it's also very exportwise. what we saw on these numbers was german exports falling sharply again. and this is just signaling that global economic conditions, soft patch very weak, particularly for the region -- i'm sorry, within the eurozone itself. >> and it's consistent with the weakening global demand we're seeing out of japan and other areas this morning. but it's not necessarily -- if you look at the details of what this is telling us across the globe, frankly a point to deceleration in activities. >> and maybe the global economy will continue to expand. they will signal that china is co
have no problem in meeting its financial commitments. only germany and the netherlands have this rate. before the upgrade, greece's rating had fallen to selective default, which meant it failed to pay on one or more of its obligations. now it was pushed upward to b minus. this shows that greece can meet its financial commitments. i spoke to the fellow at the peterson institute for international economics. >> i think was s&p is catching up to is the improved political goodwill in the rest of the euro area towards the greek economy. yesterday, greece got 34 billion euros as a quid pro quo for having implemented a long list of reforms and fiscal austerity. s&p as saying, we expect this money to continue to flow from up euro area. nd we expect thre greek government to continue to implement economic reforms in the future. >> does this upgrade change anything for grece in rea ?ce ter >> the greek exit from the euro area is an extremely unlikely event, precisely for the reason s&p outlined -- that the euro area has politically decided to keep greece in the euro area. this is not something th
, not well. we have declineds in germany, london. these declines are not massive. the reason for that, this has been well flagged for a long time. the market has slowly been discounting it for the best part of a couple of months. however, there is still optimism a deal will be done or a little late, a cliffhanger. >> people are saying it is just brinkmanship that in a few weeks that will have a deal. >> if there is not, then things start getting messy. i was speaking to analysts in the city and they are very worried about that possibility. they are still hopeful is not going to happen. >> good news for the world second-largest economy. >> excellent news out of china. pmi is an index or the ask people how confident you are feeling, indicating the fourth quarter of the year, china has seen a very marked pickup in economic growth. that is extremely good news because china had been having a pretty sluggish time of things over the course of the first half of 2012. this is leading the optimism that 2013 could break away from the economic doldrums. nonetheless [indiscernible] >> there you go
to the economy. >> i'm wondering whether germany as we look at -- they're just above sort of recession territory at the moment. i'm wondering whether if they get better growth out of asia, that will offset the weakness that they're seeing in europe enough to keep them above the pencil line. >> what we've seen so far with today's numbers is exports are declining very sharp. they'll need asia and the u.s. to offset some of that demand weakness, but again, the biggest market for most is the euro zone. if the eurozone is performing badly, that will have a thok-on effect for those countries. >> there's a number of strategists saying after the u.s. has sort of led equities for most of the year, they're now saying europe is the place to be. from i think really the question you have to ask yourself is when cash, equities, credit, government bonds, where do you want to be. and equity in my mind mind is absolutely not. you need good growth numbers to justify the equity markets going up. now, i think there's a lot of investors looking at the yields on ghoechlt bonds or credits and that's motivating them to
, not made in germany, not made in china, not made in the u.s. made in the world. 60% of trading manufacturers is in some -- the import content of exports at rate worldwide was 20% years ago, is 40% now and might be 60% 20 years from now. so it's a totally different world from the one many people have in mind where, you know, your country was producing country which my country was consuming and this was a sort of relationship, hands, export this, import that. in this world, the global value changes. you need to import in order to export and use your competitive advantage. so it's a different pattern and i think this has consequences which most governments have, i think, not yet really realized, which is why we've launched this initiative together with the oecd to sort of measure trading at a value and we will probably be unveiling the first batch of trade in value added numbers mid january. our statistical missions are working extremely hard. these guys won't have a great christmas break, but i think that will look very, very, very difference from what we have today. >> just in t
. britain has 35 as does germany and australia. to countries that have strict gun kcontrol have little gun murder. i think carole had it right. she said it is about personal responsibility. that is the most important part. it is a difficult one. people are going to have an oh w pinion about it. we have to make sure that they were -- wanted the american people to feel protected about the british at the time. i don't think people should be able to go online and buy guns. there should be rules in place on background checks. our country is founded on these freedoms. i totally respect the constitution by the way. what i don't respect is what i don't respect is the interpretation of the letter of the second amendment of the constitution which i think is being misused to endorse everyone in america. >> the constitution talkses about a well regulated militia. the power of the government not to take away guns and every american should exercise personal responsibility. by not putting their children at risk of suicide and murder. yes, people should be punished but we shouldn't encourage criminal cond
there really divergent from the rest of europe. germany up on the right, a good gain up over 1%, the italian market falls by 1%. silvio berlusconi is back in italian politics proving he still runs his party and withdrawing support from mario monti. this may lead to midterm elections because monti is market friendly you might not end up with a market friendly solution. we thought we'd have elections march/april, there's the prospect it could be a snap election much earlier perhaps in the new year. now the good news is there isn't a huge amount of blowout on the bonds at the short end of the italian markets. the yields are higher but not huge relative to where we've been but on the ten-year italian market you can see we're slightly higher but no great shakes overall. it means the rally in the peripheral bond market we've witnessed in italy and spain has now stalled at this stage. remember we had the auction in spain yesterday and the yields are slightly higher relative to where we've been, they're still relatively depressed. we talk about the problems in europe, i thought it was worth pointing
war. you don't see france going to war with germany or russia with poland. it used to happen all the time, but it's not happening. the best example of all was just a couple of weeks ago when gaza was fighting -- the palestinians were fighting with the israelis, and they lobbed a couple of missiles into tel aviv. i'm sure that both people on both sides could see that the day was coming that they'd be lobbing missiles into jerusalem. and this is what both the christian the jewish religion began there, and it's the holy land. it's some of the greatest tourist attractions in the world. people want to come from all overed world to see it, but not when a war is going on. they realized within a week of war they had made a terrible mistake to go to war. even though it's better to grumble at each other, but not to be shooting at each other and causing damage and wrecking the economy and upsetting people all over the world because these pictures, you have the bbc and cnn there having the pictures of the grandmothers and grandfathers and little children lined up on the street in front of ho
in germany. but the un has had a very strong influence on less. >> po will not old enough to remember, but jimmy carter gave billions of dollars to up alternate energy projects. >> i do remember. i was of the people who had to wait in gas lines in the 1970's. >> to any of those plants still exist? i don't think it lasted more than a couple of years. secondly, are you familiar with another program where he gave money to build five different steel mills, four of went with -- board of which went bankrupt almost immediately and the fifth one put at a business the plan in kansas city in. >> well, jimmy carter's programs did not work then, as i mentioned, i remember waiting in the 1970's in gas lines for one or two hours to fill up with gasoline in the western d.c. area. and just as these programs did not work then and they are not working now, they're unlikely to work in the future. it is just that the government is not good at picking winning projects. the government promised it would not have thought of picking the apple iphone five. that is something that is expensive, but people wait i
by better than seven points and the nasdaq futures up, as well, by about 17. european shares rising. germany is up, the ftse is up, the france, the cac in france has turned slightly down. but, again, this is a marginal loss of about three points. most of the major asian stock markets were higher overnight. and among the catalyst here, signs that china's recovery is gaining traction. sources say that the bank of japan will ease monetary policy this week and consider adopting a 2% inflation target no later than january. policymakers are seen responding to pressure from the incoming prime minister there. shinzo abe for stronger efforts to beat deflation. in the meantime, india's central bank kept interest rates on hold yesterday ignoring pressure to reduce borrowing costs. policymakers said they were shifting the focus to reducing the economy and that raises the odds of a rate cut as early as january. andrew olson, over to you. >> ubs reportedly nearing a fine of up to $1.5 billion. the bank is close to finalizing a deal with regulators according to the financial times. about three dozen banker
this. if you look at other countries like germany, their middle class is in better shape. they've done better trading against the world, their companies are making money. so a lot of the things we heard that were not impossible, not possible in america are actually happening in germany, and their wages have gone up five times faster that than ours. there's something wrong inside the american economic and political system, and that's what this book is about. >> host: hedrick smith is the author. thank you for being on booktv. >> from the fourth annual boston book festival, a panel featuring author edward glaeser. it's about an hour, 15. >> good afternoon and thank you very much for coming to this auditorium today. let me introduce myself, i'm bob oakes from morning edition on wbur, boston's npr news station. [applause] thank you. thank you. i'm sure some of you are saying, wow, that's bob oakes? [laughter] i thought he was taller -- [laughter] i thought he was thinner, i thought he had more hair. [laughter] and, you know, the funny thing is that all those things were true last week. [la
a year. by comparison, britain has 35 as does germany and australia. japan has one or two. to countries that have strict gun control have very little gun murder. what do you say to americans who say it makes me feel safe? >> i think carole had it right. she said it is about personal responsibility. that is the most important part about this whole conversation. it is a difficult one. people are going to have an opinion about it. we have to make sure we don't disrespect our constitution amendment rights. we have to make sure that they were -- wanted the american people to feel protected about the british at the time. times have changed since then. i don't think people should be able to go online and buy guns. there should be rules in place on background checks. background checks, absolutely. but i think it's important that we respect our constitution because our country is founded on these freedoms. >> i don't want anyone to think that i'm anti-american. our country is founded on these freedoms. i totally respect the constitution, by the way. what i don't respect is what i don't respect i
.s. law, the americans with disabilities act of 1990. 126 countries, including britain, germany, china, and russia, have already ratified the un convention is a person with disabilities. bernard obermeyer of the who noted that the treaty rejected by republicans covers 15% of the world's population. >> people with disabilities make a 15% of the world's population and have worse health and socio- economic outcomes than people without disabilities. across the world, people with disabilities have for help, lower educational achievement, less economic participation, and higher rates of poverty and people without disabilities. this unacceptable situation must change. >> california has formalized its refusal to ensure the enforcement of federal effort begin immigration requests. on tuesday, attorney general kamala harris said state agencies are not required to -- comply with the program known as secure communities, where local authorities share fingerprints with immigration officials. the program led to the record deportation of around 400,000 people last year. striking care for workers at th
china, germany, brazil. tavis that transform the way we think about education? do you think your role as straining american leaders? are you looking at attracting global leaders? >> there are so many questions. let me address a few of them. there are numerous kind of statistics that we have a preeminence of college graduates in our populations and levels of participation. we are losing this. we have once last three of the world's college graduates. that is an interesting illustration of a shift in the dynamism. i see this when i travel. a huge commitment to public resources. huge energy to enthusiasm of higher education. india wants 1500 new universities by 2020. alicia's in a meeting about hong kong this week. i learned that hong kong university is expanding undergraduate education from three years to four years because they think it is not giving students enough time. there are all these buildings going up. here we are being told in the united states that maybe we should reduce ourselves from four years to three years. another aspect. let me insert here so much of what our discussio
is it that germany, a country that has 1/4 of the population of the united states, exports more than what the united states does? because if you look at our tax code, that's broken, it needs reform, industries in the united states that are employing americans are given two-year tax credits and we expect those american companies to make generational commitments on a two-year tax credit. you look at places like germany, they're providing 10-year tax credits that sends a signal, a signal of certainty, a signal of clarity to businesses in germany, that there is a commitment to embrace innovation and technology, to remain competitive in the manufacturing economy. manufacturing today is not labor-intensive. it's capital-intensive. you always have to be in a continuous improvement mode. but that requires one thing. it requires a confidence in the american people, a confidence in the american worker, in making the kind of commitments that are necessary to compete with china. i often hear people on this floor, every day, whining about china. yeah, china cheats on their currency. they treat their workers poor
-- oh, if you do have a glass then you have a handle like that. in germany, they're like that, okay. but without the hand, they'll gonna slip out. this one here will slip right through your fingers. this one here starts to slip through your fingers and even if your exhaust, you'll still kind of grab it and hold it. so they're shaped like this. also, they'll also give you a little napkin on the bottom, right? what's the little napkin for? you say to the waitress, "and what's the napkin for?" she says, "ch, ch." "ch?" "ch. don't you know your physics?" why the napkin? because this stuff is gonna start to pour down. i can remember when i was a little kid. i still remember this. my father used to drink a lot of beer and he didn't want me to drink his beer. and i reached over and i took the edge 'cause i saw the edge was all wet. and i could take the edge and i taste it. didn't have any taste. i thought i was-- i thought the beer was leaking through the glass, you see? and i said, --'cause it's all wet. the beer get through the glass, get wet, yah? and i remember putting my hand inside--
're slowing down in the fourth quarter. i was just in europe. they are in a deep recession. france and germany are going recession. japan's already in recession. they are doing the same thing the democrats want to do here. put on new taxes, and they are just putting their economies in a death spiral. >> this is no time for austerity is what you're argueing? >> what i'm arguing is don't put extra taxes on the economy. we know from europe and japan that does not work. >> okay. >> howard? >> i don't think we ought to kick the can down the road any further. we have a huge deficit. frankly i think ben bernanke has done very, very well stimulating the economy without government interference. i think the thing to do is go right over the fiscal cliff. you'll raise some taxes, yes, that's true, you'll cut defense and some human services. this is the only way we'll have a significant bite out of this deficit. i think the market is going to like this. they say no right now, but when they see that this government is taking on the deficit in a serious way i think they will like it >> you don't think going
, australia, new zealand. in europe, the dax in germany is up and running. we are higher -- lower, rather, sorry, by half a percent. overnight in japan, the nikkei, that was higher. let's see the nikkei up about 1.5%. >>> now the holiday shopping season is drawing to a close. and early numbers suggest what started out strong is ending with a whimper. mastercard spending pulse unit estimate sales rose .7% over the past two months which would be the weakest pace since 2008 during the financial crisis. many analysts had expected sales to rise 3% to 4%. earlier we spoke with michael mcnamara from mastercard advisers about the impact the fiscal cliff may be having on consumers. listen in. >> beginning of december when we saw the sales numbers come down, confidence numbers come down. something the media coverage really has brought home and clarified what the fiscal cliff means to personal finance. and that debate really seems to be acting as -- almost creating a sense of gravity that's pulling down different elements of the economies. >> spending pulse says even online shopping which has posted
taxpayers getting their money's worth. >> imagine a guy in germany, probably he pays particularly if he's upper middle class or upper class, he probably pays more in total taxes than his american counterpart. though it's not entirely clear once you add value-added consumption tax, for sure he's paying more. but here's what he gets in return. he gets universal health care, high-quality. he gets a free education. from kindergarten through any master's bachelor's ph.d. program he wants and it's pretty high quality as well. he gets free retraining if he ever loses his job. he gets all the benefits like day care and things like that europe is famous for. and the person in the united states may be spending a couple of percentage points lower. but he has to save for health care. he has to save for long-term care when he gets old. he has to save for his children's college education. perhaps for high school education. and certainly for any kind of retraining he may need. so it's not entirely clear that europeans have such a bad deal. >> the question here, it is a tough decision. we are deciding
partners such as germany, but understanding that things have to change. economist hardouvelis says greeks just need to believe that what's happening now really is leading toward a better future. >> once the depression stops and once the people start seeing the light at the end of the tunnel, then things will turn around. >> brown: is that your hope? or is it a forecast? >> i think in a year and a half we'll see stability. and the big question is whether the political system will be able to accommodate that period. >> brown: a year and a half more at best. small comfort for stelios karaglilanis and his family, facing the onset of winter-- it's too expensive to turn on the heat, he told us-- and a christmas unlike any he'd ever imagined. >> brown: there's more online from my reporting trip, including conversations with greek writers. find that on our poetry and art beat pages. >> warner: we return to our series of different voices and viewpoints on the nation's fiscal cliff debate. tea party activists took aim at government spending three years ago, with protests and rallies in washington a
industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully investing. >>> haj way brought back 1.2 billion from the stock of an estate from an unnamed investor. this is one day after buffet advocated for a higher tax when the wealthier die. though 120% of book value from 110%, let's look at berkshiurke haj way shares. they are up $4100, sue. in this trading session. >> a perfect stocking suffer, i think for you, ty. >>> thank you very much. inaugural deal book opportunity for tomorrow held in new york city today and cnbc had exclusive access to the like of jamie dimon, blake and mark andresen. hi, kayla. >> hi, sue. we have takes on the morning spesh especially with the all important fiscal cliff. he says he didn't mind when there is gridlock. when the government does something it usually ends up i
germany. >>> it's the top of the hour. you're in the "cnn newsroom." i'm martin savidge. let's a pleasure to be with you. >>> right now in the nation's capital, senators are working to try to keep all of us from going off that fiscal cliff. we've been talking about that for what seems like, well, forever. they've got to reach a deal by new year's day. here's what's happening right now. senate leaders on both sides are trying to reach a budget deal hoping to avert a 2% hike in everyone's paychecks early next year. plus 2 million unemployed people stand to lose their jobless benefits. jessia yellen, the president says he's optimistic but he sure had a firm tone after meeting with the senate and house leaders yesterday. let's just give that a listen. >> so the american people are watching what we do here. obviously, their patience is already thin. this is deja vu all over again. america wonders why it is that in this town for some reason, you can't get stuff done in an organized timetable. why everything always has to wait till the last minute. well, we're now at the last minute. and the ame
to germany, regulators are set to hold off on a probe into the deutsche bank. they have no plan to investigate carbon dioxide certificates. patricia has this story for us. deutsche bank is going to avoid charges on that one? >> that's something we cannot say for certain, but i'm quoting sources in the "wall street journal." at the moment, they do not seem to have a closer look at the wrong doings or right doings. but here, the public prosecutors had that big raid last wednesday. but one thing for sure, it seems that last night in a speech mr. fitch was very much eating humble pie, almost being apologetic about the culture especially during the financial crisis or let's say during the run up to the financial crisis. he's talking about reform, the cue of deutsche bank going forward in a way trying to plead for more information. however, my question is, if you have management that has been with the bank for so many years like fitch himself and like andrew jane himself, it is difficult to convince anybody that all of a sudden culture is to change. if you look at seeman aes couple of
. they were competing at the time against a bid from germany's deutsche bores. both of those offers ran up against tremendous scrutiny for u.s. and eu regulators. the euro nyse shares shot up 20%. >> how republicans plan to bring their tax bill to a vote today as tensions over fiscal cliff rise. it's still unclear what the plan b will look like. president obama says he will veto the bill, which has raced tax rates for people making more than $1 million a year. the president says he's puzzled by what's holding up talks and that house republicans should, quote, stop trying to score a point against hem. >> take the deal. you know, they will be able to claim that they have worked with me over the last two years to reduce the deficit more than any other deaf sigz reduction package, that we will have stabilized it for ten years. that is a significant achievement for them. she should be proud of it. but they continue to find ways to say no as opposed to saying yes. >> minority leader mitch mcconnell says there's still time to reach a deal by the end of the week. >> dan joins us now. dan, mitch mc
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